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3 Why Eastern Europe? – Ideas New Russia The value system of people is changing Development process and momentum of change is being underestimated by the west There are a lot undiscovered opportunities Europe is going East Growth potential is higher than in Western Europe Process is well known and understood

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6 Russia: More promising than ever Basic background information: Improving political stability Democratisation process should sustain, even though the way is not easy Structural reforms (not dependent on Yukos affair) Basic economic information: Russia has investment grade from all three major agencies Positive trend in capital flows after all Corporate governance is improving Yukos failure is the one-off

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7 Poland: Taking off Basic background information: EU membership is a stabilising factor Political changes are not harming economic situation Structural reforms are being continued Basic economic information: Polish companies have been restructured during the economic slowdown Monetary policy is not an obstacle anymore for economic development Competitive advantage through cheaper but nevertheless well educates labour force

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8 Caspian Region: Oil Bonanza Basic background information: No Yukos-like oligarchy Stable and investor friendly legislation in Kazakhstan The political system is authoritarian and might stay so Western Countries and especially USA have big political and economic interests in the region Basic economic information: Region holds 5 % of world oil and gas reserves Low costs and high profit margins Transportation problems will be solved in the near future The majority of western fund managers are not familiar with the region

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11 Approach Bottom up: Stock Selection Market capitalization 200 Mio. EUR Shareholder-Value-Orientation Leading position in its sector Financials better than in average in the sector Western-minded and well trained management Strategical use of information technology Accounting under western standards Audited by well known western companies

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15 Fund outlook Features of the fund worth mentioning Active management, focused portfolio Fund manager from the region Deep understanding of specific regional risk profile of those markets Investment in stocks out of benchmark universe many of those not monitored by most of our competitors Currency hedging (EUR/USD) NESTOR OsteuropaBenchmark MSCI EM EE Number of stocks54 Bluechips50 %80 % Number of stocks out of benchmark universe 34- Stand: 31.12.2005

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17 The Fundmanager Key skills and achievements Key fields: reserves managements, capital markets, macroeconomics Analytical, languages, managerial, teamwork, communication skills and contacts Became Head of State Reserves Management Division of the Central Bank of Armenia in 1 year after graduation A pioneer of state foreign exchange reserves management in Armenia (Author of the number of articles on reserve management) Became Head of Financial Market Operations Department-Treasurer of the Central Bank in 4 years after graduation Member of the Committee for Developing of Armenian Precious Metals Industry and Gold Market under the Prime Minister of Armenia Made headed Committee for conducting primary auctions of Government Securities As a key negotiator of the Central Bank and the Government of Armenia, was responsible for the relations with the international private financial institutions Seconded for work in the Capital and Emerging Markets desks of the global international bank in London Trainings, including on-the-job in the leading world financial institutions: Deutsche Bank, UBS, Citibank, HSBC, Commerzbank, Credit Suisse First Boston, Chase Manhattan, Bundesbank, Bank England, De Nederlandsche Bank, World Bank, IMF

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